What is the primary purpose of the Added Assessment list?

The primary purpose of the Added Assessment list is to capture structural changes and improvements made to properties, and to formally exempt properties that may have qualified for such exemption. This list is essential for keeping property tax records current and accurate, reflecting the latest conditions of properties within a municipality.

By documenting any structural changes or enhancements, such as new constructions or significant renovations, the Added Assessment list ensures that property values are reassessed appropriately, which in turn affects the calculation of property taxes. This helps maintain fairness in the tax system by ensuring that all properties are taxed based on their true current value, considering any improvements that may have been made since the last general reassessment.

The option concerning the documentation of lost revenues is not the main function of the Added Assessment list, and while personal property is an important aspect of taxation, that focus does not align with the primary goals of this particular list. Lastly, increasing tax rates pertains more to policy decisions made by local governments rather than the function of the Added Assessment list itself.